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Hivemind: Ethena Founder, the GENIUS Act & Overvalued L1s

Empire

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Navigating the Stablecoin Landscape

This chapter explores the implications of the recently passed Genius Act and the new partnership with Anchorage, which aims to transition stablecoin issuance to a regulated environment. It examines the competitive challenges faced by new stablecoin issuers against established players like Tether, as well as the potential economic impacts on liquidity and credit creation in the banking system. The discussion highlights the evolving dynamics in the crypto market and the potential role of banks in issuing their own stablecoins.

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